Imported petroleum prices drop in December

January 12, 2001

The U.S. Import Price Index decreased 0.5 percent in December. The decline followed a 0.1-percent increase in the previous month and reflected a 9.3-percent over-the-month downturn for imported petroleum prices.

The volatile petroleum index still rose 18.8 percent for the year ended in December 2000 after surging 136.8 percent from December 1998 to December 1999.

From December 1999 to December 2000, import prices rose 3.5 percent after gaining 7.1 percent in the December 1998-99 period. The increase in both years was largely attributable to rising petroleum prices.